It is the writer’s opinion that Cayman has never really properly defined what type of Resident would be best for the island.
Possible Solution, the Writer would suggest that the only category that makes real sense in today’s world is to welcome Persons without the right to work who are of Reasonably Substantial Financial Means.
That Category is often referred to as “Snowbirds” of which thousands and thousands travel to the southern United States each and every year; where they pay property taxes, gamble on good weather and are only permitted (I believe) 183 days of residency during a 3 year period.
If the island were to create a new category of say up to 1000 residents without the right to work coupled with a real estate property investment of say CI$295,000 (to be compared with other jurisdictions such as Panama, Costa Rica, and St Kitts and Nevis) the following could be the results:
A reasonable limit of people to work with, without overwhelming the Island
A price range of real estate very manageable for Caymanian builders and trades to create more jobs and a vibrant growing economy
These new residents would need everything and take nothing! IE. cars, insurance, doctors, groceries, repairs and upkeep to their homes etc etc. etc THEY PROBABLY WOULD NOT EVEN DRIVE IN RUSH HOUR.
To help equalize the difference between the CI$ and US$ a type of insurance plan should be considered to relocate the new residents, say in 48 hours, back to their original domicile in the event of sickness, to help alleviate any fears of costly medical expenses (the greatest fear for Canadians and Americans).
Benefits to Cayman Islands Government and Caymanians:
Investment in the island of up to $300 million (approx)
Stamp duty to Government $15 million (approx)
The Economic Impact is substantial. IE $20 million (approx, see note 3)
Many, many more jobs for Caymanians.
Benefits to new residents without the Right to Work:
Safest Country in the Western World.
Beautiful climate, better than Palm Springs, California or West Palm Beach Florida.
Close to the USA, (1 hour from Miami).
No taxation, direct or indirect!
Note 1: If too many applicants apply then raise the investment level!
Note 2: This type of Resident (with obvious excellent life skills) could be a tremendous resource for Teaching Assistants to create a New Curriculum IE the much needed Trade Schools for Young Caymanians of modest cost under the supervision and direction of Local Educators.
Note 3: Further Economic Benefit: if a couple spends US$1,000 per week for 20 weeks per year ($20,000 X only 1000 couples) = US$20,000,000 additional Economic Benefit for the Island.
John H. May
Capital Realty Ltd